1

2017an Paris

Paris

Paris, February 15, 2018

Strong performance of the main business activities in 2017

Revenues: €12,444 million, up 15.0%1, and up 4.9%1 at constant currency and

perimeter

EBITA: €987 million, up 36.4%1, and up 23.1%1 at constant currency and

perimeter

Adjusted Net Income: €1,312 million, up 73.9%1

Proposed dividend with respect to 2017: €0.45 per share, up 12.5%1

Universal Music Group: very solid performance fueled by the success of subscription and streaming

services as well as a number of successful album releases. Agreements with Spotify, Tencent,

YouTube and Facebook.

Canal+ Group: ongoing recovery in France. Continued growth of international operations.

Havas: highly accretive acquisition, representing a six-month contribution of €1.151 billion to

Vivendi’s 2017 revenues and €111 million to Vivendi's 2017 EBITA.

Gameloft: 12% growth in revenues from advertising activities and sales via app stores. Improvement

in income from operations at constant currency and perimeter.

Investments in new businesses (CanalOlympia, Vivendi Africa, Live, Vivendi Content,

Dailymotion...) that will create additional sources of revenue.

1 Compared to 2016.

2

This press release contains audited consolidated financial results established under IFRS, which were approved by Vivendi’s Management Board on

February 12, 2018, reviewed by the Vivendi Audit Committee on February 13, 2018, and by Vivendi’s Supervisory Board on February 15, 2018.

Vivendi's Supervisory Board met today under the chairmanship of Vincent Bolloré and reviewed the Group’s

Consolidated Financial Statements for the year ended December 31, 2017, which were approved by the

Management Board on February 12, 2018.

Vivendi’s main business activities delivered strong economic and financial performances in 2017.

In 2017, revenues amounted to €12.444 billion, compared to €10.819 billion in 2016, an increase of 15.0%,

notably resulting from the consolidation of Havas on July 3, 2017 (+€1,151 million). At constant currency and

perimeter2, revenues increased by 4.9%, primarily driven by Universal Music Group (UMG)’s growth (+10.0%)

and the recovery of Canal+ Group (stable in 2017, compared to a decrease of 4.2% in 2016).

2 Constant perimeter in 2017 reflects the impacts of the sale of Radionomy (August 17, 2017), which was integrated into Vivendi Village, and the

acquisition of Havas (July 3, 2017), Paddington (June 30, 2016), which has been integrated into Vivendi Village, Gameloft (June 29, 2016) and the

acquisition of Thema America (April 7, 2016) by Canal+ Group. 3 Constant perimeter for the fourth quarter of 2017 reflects the impacts of the sale of Radionomy (August 17, 2017), which was integrated into

Vivendi Village and the acquisition of Havas (July 3, 2017). 4 Non-GAAP measures. 5 Reconciliations of EBIT to EBITA and to income from operations, as well as a reconciliation of earnings attributable to Vivendi SA shareowners to

adjusted net income, are presented in Appendix I.

Full Year 2017 Q4 2017

KEY FIGURES

% change

year-on-

year

% change

year-on-year

at constant

currency and

perimeter2

% change

year-on-

year

% change

year-on-year

at constant

currency and

perimeter3

Revenues

€12,444 M

+15.0%

+4.9%

€3,823 M

+23.0%

+6.8%

Income from operations4,5

€1,116 M

+30.9%

+17.0%

€375 M

x3.1

x2.5

EBITA4,5

€987 M

+36.4%

+23.1%

€342 M

x5.8

x4.8

of which UMG €761 M +18.3% +20.6% €319 M +9.9% +14.6%

Canal+ Group €318 M +32.1% +31.1% -€8 M na na

EBIT

€1,036 M

+16.8%

€364 M

x5.8

Earnings attributable to Vivendi SA

shareowners5

€1,228 M

-2.2%

€828 M

x10.3

Adjusted net income4,5

€1,312 M

+73.9%

€719 M

x5.6

3

For the fourth quarter of 2017, revenues amounted to €3.823 billion, compared to €3.107 billion for the fourth

quarter of 2016, an increase of 23.0%, notably as a result of the consolidation of Havas (+€626 million). At

constant currency and perimeter3, revenues increased by 6.8%, driven by UMG’s growth (+8.2%) and Canal+

Group (+5.7% compared to the fourth quarter of 2016), which confirms its recovery.

Income from operations amounted to €1.116 billion in 2017, compared to €853 million in 2016, an increase

of 30.9%, notably resulting from the consolidation of Havas (+€135 million). At constant currency and

perimeter2, income from operations increased by 17.0% driven by UMG’s growth (+€127 million) and the

recovery of Canal+ Group (+€61 million), partially offset by development costs incurred by New Initiatives.

For the fourth quarter of 2017, income from operations amounted to €375 million, compared to €123 million for

the fourth quarter of 2016, notably resulting from the consolidation of Havas (+€91 million). At constant

currency and perimeter3, income from operations increased by €184 million driven by the recovery of Canal+

Group (an increase of €147 million compared to the fourth quarter of 2016) and UMG’s growth (+€46 million),

partially offset by development costs incurred by New Initiatives.

This improvement resulted in the acceleration of Canal+ Group’s reorganization plans, including, in particular,

the closure of a call center in Saint Denis and the restructuring of a call center in Rennes whose costs were

twice those for services provided by third parties. In the aggregate, reorganization cost represented a charge of

nearly €40 million for the fourth quarter of 2017, of which €26 million was recorded in income from operations

and €14 million in restructuring charges.

EBITA amounted to €987 million in 2017, compared to €724 million in 2016, an increase of 36.4%, notably

resulting from the consolidation of Havas (+€111 million). At constant currency and perimeter2, EBITA

increased by 23.1%, driven by UMG’s growth (+€133 million) and the recovery of Canal+ Group (+€75 million),

partially offset by development costs incurred by New Initiatives.

For the fourth quarter of 2017, EBITA amounted to €342 million, compared to €60 million for the fourth quarter

of 2016, an increase of €282 million notably resulting from the consolidation of Havas (+€77 million). At

constant currency and perimeter3, EBITA increased by €226 million, driven by the recovery of Canal+ Group

(+€181 million compared to the fourth quarter of 2016) and UMG’s growth (+€43 million).

EBIT amounted to €1.036 billion in 2017, compared to €887 million in 2016, an increase of 16.8% notably

resulting from the increase in EBITA (+€263 million).

For the full year, the income contributions from equity affiliates amounted to €146 million. This mainly includes

Telecom Italia (€144 million), which is accounted for under the equity method6.

6 Information relating to the equity accounting of Telecom Italia by Vivendi is provided in the following Notes to the Audited Consolidated Financial

Statements for the year ended December 31, 2017: Note 2 "Major events" which describes the equity accounting of Telecom Italia; Note 11

“Investments in equity affiliates” which includes the information required by IAS 28 - Investments in Associates and Joint Ventures; and Note 21

"Related parties". In addition to this information presented in accordance with IFRS, the "Unaudited supplementary financial data: Vivendi’s interest

in Telecom Italia" is provided following the Notes to the Consolidated Financial Statements. This section provides unaudited data and does not form

an integral part of the Audited Consolidated Financial Statements for the year ended December 31, 2017.

4

For the fourth quarter of 2017, EBIT amounted to €364 million, compared to €63 million for the fourth quarter of

2016, a €301 million increase, mainly resulting from the increase in EBITA (+€282 million).

In 2017, earnings attributable to Vivendi SA shareowners amounted to a profit of €1.228 billion (or

€0.98 per share), compared to €1.256 billion in 2016 (or €0.99 per share), almost stable compared to 2016.

This change reflected the increase in EBIT (+€149 million), resulting from the consolidation of Havas, the good

performance of UMG and the recovery of Canal+ Group, as well as the current tax income of €409 million

following the settlement of the litigation related to the Consolidated Global Profit Tax System of 2011, and the

tax income of €243 million corresponding to the refund of the amounts paid by Vivendi SA and its subsidiaries

with respect to the 3% tax on dividend distributions. These positive elements in 2017 occurred after a 2016

fiscal year that included non-recurring items: the reversal of reserve related to the Liberty Media litigation in

the United States (€240 million) as well as the net capital gain on the sale of Vivendi’s remaining interest in

Activision Blizzard in January 2016 (€576 million, before taxes).

In 2017, adjusted net income amounted to a profit of €1.312 billion (or €1.05 per share), compared to

€755 million in 2016 (or €0.59 per share), a 73.9% increase.

In 2017, the cash flow from operations (CFFO) generated by the Group's businesses amounted to

€989 million (compared to €729 million in 2016), an increase of €260 million (+35.7%). This change reflected in

particular the contribution of Havas (+€308 million), consolidated since July 3, 2017, as well as UMG’s

operating performance and the recovery of Canal+ Group.

Cash flow from operations after interest and income taxes paid (CFAIT) represented a net inflow of

€1.346 billion in 2017, an improvement of €1.005 billion compared to 2016. In addition to the increase in CFFO,

this improvement mainly resulted from the favorable change in the cash flows related to income taxes.

As of December 31, 2017, Vivendi’s Financial Net Debt amounted to €2.340 billion, compared to a Net Cash

Position of €1.231 billion as of December 31, 2016. The average maturity of total debt is 5.0 years.

The value of the listed equity portfolio amounted to €6.377 billion as of December 31, 2017.

The change in Financial Net Debt mainly resulted from the acquisition of Havas starting on July 3, 2017,

representing an overall impact of €3.998 billion as of December 31, 2017, comprising the acquisition price of

100% of Havas’s share capital for €3.925 billion (including the financial transaction tax) and the Financial Net

Debt of Havas as of July 3, 2017 in the amount of €73 million.

2017 Dividend

The Supervisory Board approved the Management Board's proposal to pay an ordinary dividend of €0.45 per

share with respect to fiscal year 2017, up 12.5%, representing a return of approximately 2%. This proposed

dividend will be submitted to the Annual General Shareholders' Meeting to be held on April 19, 2018 for

approval.

5

Consolidation of Havas

Vivendi has fully consolidated Havas since July 3, 2017 after acquiring 59.21% of its share capital, and it has

held 100% of Havas since December 14, 2017.

This acquisition of the world’s sixth largest communications group is accelerating Vivendi’s construction of a

global leader in content, media and communications by allowing for significant synergies with the Group's

other businesses in a context of convergence between content, distribution and communications. It also gives

Havas a new dimension to compete with powerful global players.

The acquisition of Havas contributes strongly to Vivendi’s financial results, with a positive impact for the

second half of 2017 of €1.151 billion on Vivendi’s revenues and of €111 million on Vivendi's EBITA.

Comments on Business Key Financials

Universal Music Group

Universal Music Group’s (UMG) revenues amounted to €5.673 billion, up 10.0% at constant currency and

perimeter compared to 2016 (+7.7% on an actual basis).

Recorded music revenues grew by 11.3% at constant currency and perimeter as growth in subscription and

streaming revenues (+35.4%) more than offset the decline in both download and physical sales.

Music publishing revenues grew by 9.6% at constant currency and perimeter, also driven by increased

subscription and streaming revenues, as well as growth in synchronization and performance revenues.

Merchandising and other revenues were down 7.1% at constant currency and perimeter, due to lower touring

activity.

Recorded music best sellers for the year included new releases from Taylor Swift, Kendrick Lamar and Drake,

carryover sales from The Weeknd, the Despacito single from Luis Fonsi and the 50th Anniversary edition of Sgt.

Pepper’s Lonely Hearts Club Band by the Beatles, as well as soundtrack releases from the movies Moana and

La La Land.

UMG’s income from operations amounted to €798 million, up 18.5% at constant currency and perimeter

compared to 2016 (+16.2% on an actual basis) as a result of higher revenues.

UMG’s EBITA amounted to €761 million, up 20.6% at constant currency and perimeter compared to 2016

(+18.3% on an actual basis) as a result of higher revenues and lower restructuring charges. 2016 EBITA

included legal settlement income.

In 2017, UMG entered into a number of innovative agreements with both new and established streaming

partners. After announcing a landmark deal with Tencent in May 2017, and re-setting its relationship with

Spotify in April 2017 and YouTube in December 2017, UMG entered into a groundbreaking deal with Facebook,

also in December 2017. This deal, for the first time forged a true commercial partnership between a major

6

music company and the world’s largest social platform. In conjunction with UMG’s existing partnerships with

Amazon and Apple, UMG is fostering an increasingly competitive and dynamic market for music among the

biggest tech platforms and music services in the world.

In 2018, UMG should be able to benefit from the growth of the market particularly as a result of the

development of subscription and streaming services.

Canal+ Group

Canal Group's revenues amounted to €5.246 billion, up 0.3% at constant currency and perimeter compared to

2016. This amount, almost stable compared to 2016, confirms the recovery observed quarter after quarter. In

the fourth quarter of 2017, Canal+ Group’s revenues amounted to €1.421 billion, up 5.7% at constant currency

and perimeter compared to the fourth quarter of 2016.

At the end of December 2017, Canal+ Group recorded an increase in its subscriber base of 586,000 net

additions year-on-year, and had nearly 11.9 million [individual] subscribers, plus an additional 3.1 million

customers from wholesale partnerships with telecom operators in France, in particular Free and Orange. At the

end of December 2017, Canal+ Group’s overall portfolio (individual and collective) amounted to 15.6 million

subscribers, compared to 15.0 million at the end of December 2016.

Revenues from television operations in mainland France were down 3.8% compared to 2016. The situation is

improving quarter-by-quarter with a slowdown in the decline.

In 2017, with an audience share of 4.1% among 25-49 year olds, C8 was the leading DTT channel in France for

the fourth consecutive year despite slightly lower revenues, which had been negatively impacted by the

significant sanctions (fine and advertising ban), imposed by the French Broadcasting Authority (Conseil

Supérieur de l’Audiovisuel) in June-July 2017.

Revenues from international TV operations grew by 4.8% compared to 2016 (+5.8% at constant currency and

perimeter), thanks to continued growth in the individual subscriber base, particularly in Africa with a

year-on-year increase of nearly 700,000, which reached nearly 3.5 million subscribers at the end of December

2017.

Studiocanal’s revenues amounted to €467 million, up 12.2% compared to 2016 (+13.9% at constant currency

and perimeter). This increase reflected strong theatrical performances, notably in France, where Studiocanal

was number one among French distributors with a total of 15.5 million tickets sold, including five movies with

over one million tickets sold (Alibi.com, Marry Me Dude (Epouse-Moi Mon Pote), Sahara, The School of Life

(L’Ecole Buissonnière), and Paddington 2). This is the best theatrical performance recorded by Studiocanal

since 2006.

Canal+ Group’s income from operations amounted to €367 million, compared to €303 million in 2016 (+20.2%

at constant currency and perimeter).

EBITA before restructuring charges amounted to €367 million up nearly 30% at constant currency and

perimeter year-on-year. The higher than expected restructuring charges mainly reflected the reorganization of

7

customer relation centers. EBITA after restructuring charges amounted to €318 million, compared to

€240 million in 2016 (+32.1%).

The strong growth in EBITA was notably driven by the cost savings plan initiated in 2016, the improvement of

TV in mainland France, the sustained international growth and the strong performance of Studiocanal.

The target EBITA before restructuring charges is around €450 million for Canal+ Group in 2018.

In early 2018 Canal+ Group launched a new state-of-the-art 4K-Ultra HD satellite and Internet set-top box in

France. It has also secured the broadcasting rights for Africa to major football competitions for several

seasons: the UEFA Champions League, all French football including the French Football Cup, the 2018 FIFA

World Cup Russia, and the Africa Cup of Nations whose entire CAN 2019 will be available to Canal+

subscribers in Africa.

Havas

Vivendi has fully consolidated Havas since July 3, 2017. For fiscal year 2017, Havas's contribution corresponds

to the last six months of 2017 and amounted to €1.151 billion in revenues and €111 million in EBITA.

For the second half of 2017, Havas’s revenues (gross margin) amounted to €1.151 billion. This represents an

increase of 8% at constant currency compared to the first half of 2017.

In the second half of 2017, organic growth decreased by 1.1% compared to the second half of 2016

(-2.1% for the fourth quarter of 2017), due in particular to an unfavorable base effect compared to 2016. By

way of reminder, the second half of 2016 included a strong fourth quarter (+ 4.2%), the strongest of 2016. At

constant currency, revenue (gross margin) for the second half of 2017 was stable compared to the second half

of 2016.

For the full year 2017, revenue (gross margin) amounted to €2.259 billion, a slight decrease of 0.7% compared

to 2016. Annual organic growth was negative at -0.8%, due to the sectoral market environment that penalizes

all players in the communication industry. At constant currency, annual growth was positive at +0.5%.

Acquisitions contributed +1.0% in the second half of 2017 and +1.3% for the full year.

By geographical area, Europe remains weak despite the strong dynamism of French agencies. The Media

business is experiencing a slowdown especially in Spain and the United Kingdom. North America recorded a

decline, due to a very unfavorable base effect. The Latin America region as well as the Asia Pacific and Africa

region both recorded double-digit organic growth.

In terms of profitability, the second half was better than the first, thanks to the first effects of cost savings. As

a result, income from operations reached €135 million in the second half of 2017, representing a margin of

11.7% (versus 10.7% in the first half of 2017). For the full year of 2017, income from operations amounted to

€254 million.

For the second half of 2017, EBITA amounted to €111 million. It included €24 million of exceptional charges

(including restructuring charges of €15 million). For the full year 2017, EBITA amounted to €212 million.

8

In 2017, various Havas agencies won a total of 1,500 awards, including 41 Lions in Cannes (compared to 23 in

2016). Several agencies received an Agency of the Year award from the prestigious trades AdWeek and Media

Post, including Havas Media in North America.

During the second half of 2017, Havas pursued its dynamic external growth strategy. The most significant

acquisitions included Blink, a social network agency in Israel; The88, a digital and social agency based in New

York renamed Annex88; Ganfood, a creative and advice agency, and HVS, a media agency, both based in

Algeria; So What Global, a healthcare communication agency in the United Kingdom and Immerse, a

Malaysian digital agency.

The integration into the Vivendi group will accelerate the creation of a world leader in content, media and

communications.

Gameloft

With more than 2.5 million downloads per day across all platforms in 2017, Gameloft is the world's largest

mobile video game publisher.

Gameloft’s revenues amounted to €258 million in 2017. The revenues derived from the market segments

identified as priority in terms of development (advertising and app stores) increased by 12% year-on-year.

Revenues generated by Gameloft Advertising Solutions grew significantly, by 93% compared to 2016, and

represent 14.1% of global revenues. Revenues generated by the Apple, Google and Microsoft stores (in-App

sales) were up 5% compared to 2016.

The breakdown of revenues by geographical market was as follows: 34% in the EMEA region (Europe, the

Middle East and Africa), 28% in Asia Pacific, 27% in North America, and 11% in Latin America.

In 2017, the number of Gameloft's monthly active users (MAU) reached an average of 128 million and its daily

active users (DAU) reached an average of 15 million.

65% of Gameloft’s revenues were generated by internally developed franchises. Gameloft has benefited from

the strong performance of its catalog, with a strong revenue growth of its bestselling games such as Dragon

Mania Legends, Disney Magic Kingdoms, March of Empires, Asphalt 8: Airborne and Dungeon

Hunter 5.

Gameloft released ten new games on smartphone in 2017: Gangstar New Orleans, N.O.V.A. Legacy, City

Mania, Blitz Brigade: Rival Tactics, Iron Blade, Asphalt Street Storm Racing, War Planet Online, Modern

Combat Versus, Paddington™ Run and Sonic Runners Adventure.

Thanks to the good control of operating costs, Gameloft’s income from operations amounted to €10 million, up

12.6% at constant currency and perimeter compared to 2016, and EBITA amounted to €4 million in 2017.

9

Vivendi Village

Vivendi Village’s annual revenues amounted to €109 million, down 1.4% compared to 2016, but up 4.5% at

constant currency and perimeter.

Over the same period, Vivendi Village’s income from operations amounted to a loss of €6 million, an

improvement of 7.1% compared to 2016 and of 60.5% at constant currency and perimeter. EBITA amounted to

-€18 million (-€9 million in 2016) due to Watchever’s discontinuation charges.

Vivendi Ticketing, with revenues of €52 million in 2017, recorded very strong ticket sales during the 4th quarter

(4.6 million compared to 4 million in 2016). MyBestPro, which offers web-based expert counseling, recorded

revenues of €27 million in 2017, up 8.9%.

As for live activities, Olympia Production, which supports around twenty artists in the fields of music and

comedy, acquired two major music festivals, Les Déferlantes and Live au Campo, located in the South of

France. In total, Vivendi now holds majority interests in 12 festivals in France and around the world.

In Africa, CanalOlympia currently operates eight cinema and entertainment venues in sub-Saharan countries.

Four more venues are under construction and negotiations are underway for several additional sites. In

addition, a new activity, Vivendi Sports, was launched, to plan and organize sporting events in Africa. The first

was the Tour de l’Espoir, a cycling race for people under 23 years-old, which took place in Cameroon at the end

of January 2018 under the aegis of the Union Cycliste Internationale.

New initiatives

New Initiatives, which groups together projects being launched or under development including Dailymotion,

Vivendi Content (Studio+, Vivendi Entertainment) and GVA (Group Vivendi Africa), recorded revenues

amounting to €51 million. In 2017, these investments for the future lead to an income from operations

amounting to a loss of €87 million.

Dailymotion transformed its offer by launching a new customer experience in July 2017, making it easier to

discover and watch videos, tapping directly into users’ interests and desires. This new offer, primarily targeting

the 25-49 age group, relies on premium content provided by hundreds of first-class partners around the world,

including Universal Music Group, CNN and Vice.

Since its launch, the new Dailymotion app recorded 3.3 million downloads. Premium video consumption

increased by 50% and the number of videos viewed during any given session increased by 20%.

Studio+ has developed its offers and expanded its distribution territories through a launch in the United States

in November 2017 and through the strengthening of distribution agreements with telecom partners, notably

Vivo in Brazil and TIM in Italy. In addition, as a result of their success (40 international awards, including 2

Emmy nominations), the Studio+ original series benefit from a second broadcast window in a long format,

either on Pay-TV (Canal+) or on OTT (TIM Vision, MyCanal). An international television distribution agreement

also has been entered into with Gaumont.

10

Vivendi Entertainment is the creator of TV games such as Guess My Age, to date sold in 10 countries, including

Italy where it is broadcast daily in the early evening and live in the evening (prime time). A new format, Couple

or not Couple (Couple ou Pas Couple), was successfully launched on the French channel C8 in December 2017

and has already been sold in three additional countries.

After launching a first ultra-high-speed fiber optic offer in Libreville, Gabon, on October 26, 2017, GVA, which

invests in, builds and manages its own network, plans to launch a second offer in Lomé, Togo, in the coming

weeks in partnership with Canal+ Group for the distribution.

Paddington, a powerful franchise

The many projects developed around Paddington Bear perfectly illustrate the collaboration and synergies

implemented across the Group to build a powerful entertainment franchise. All of the Group’s businesses

contributed to this franchise: movies, TV series and other programs, music, mobile games, live events and

merchandising.

Paddington 2, a movie produced by Studiocanal in the wake of the success of the first movie in 2014, was

released on November 10, 2017 in the United Kingdom, on December 6, 2017 in France, and then distributed in

a hundred or so countries around the world. To date, it has generated over $200 million in global revenues.

Gameloft developed PaddingtonTM Run, the official game of the second movie, available in 15 languages since

October 26, 2017. Its studios worked closely with the creative teams of Studiocanal and The Copyrights Group,

the Vivendi Village subsidiary managing the Paddington Bear licensing rights. The latter has entered into

several important partnerships related to the franchise, notably with Harper Collins, the world’s second largest

publishing company, with Marks & Spencer for its Christmas campaign, with Europapark, Europe’s second

largest theme park, and with UNICEF. In addition, Havas created several communication campaigns for the

brand and its digital ecosystem.

For additional information, please refer to the “Financial Report and Audited Consolidated Financial Statements for the

year ended December 31, 2017” released online today on Vivendi’s website (www.vivendi.com).

About Vivendi

Vivendi is an integrated content, media and communications group. The company operates businesses throughout the media value chain, from

talent discovery to the creation, production and distribution of content. Universal Music Group is the world leader in music, engaged in recorded

music, music publishing and merchandising. It owns more than 50 labels covering all music genres. Canal+ Group is the leading pay-TV operator in

France, also engaged in Africa, Poland and Vietnam. Its subsidiary Studiocanal is the leading European player in production, sales and distribution

of movies and TV series. Havas is one of the world’s largest global communications group. It is organized in three main business segments covering

all the communications disciplines: creativity, media expertise and healthcare/wellness. Gameloft is a worldwide leader in mobile games, with 2

million games downloaded per day. Vivendi Village brings together the Paddington brand’s licensing activities, Vivendi Ticketing (in the United

Kingdom, the United States and France), MyBestPro (expert counseling), the venues L’Olympia and Theâtre de L‘Œuvre in Paris, and CanalOlympia in

Africa, as well as Olympia Production. With 300 million unique users per month, Dailymotion is one of the biggest video content aggregation and

distribution platforms in the world. www.vivendi.com, www.cultureswithvivendi.com

11

Important Disclaimers

Cautionary Note Regarding Forward-Looking Statements. This press release contains forward-looking statements with respect to the financial

condition, results of operations, business, strategy, plans and outlook of Vivendi, including the impact of certain transactions and the payment of

dividends and distributions, as well as share repurchases. Although Vivendi believes that such forward-looking statements are based on reasonable

assumptions, such statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements

as a result of a number of risks and uncertainties, many of which are outside our control, including, but not limited to, the risks related to antitrust

and other regulatory approvals as well as any other approvals which may be required in connection with certain transactions and the risks described

in the documents of the Group filed by Vivendi with the Autorité des Marchés Financiers (the French securities regulator), which are also available

in English on Vivendi's website (www.vivendi.com). Investors and security holders may obtain a free copy of documents filed by Vivendi with the

Autorité des Marchés Financiers at www.amf-france.org, or directly from Vivendi. Accordingly, we caution readers against relying on such forward

looking statements. These forward-looking statements are made as of the date of this press release. Vivendi disclaims any intention or obligation to

provide, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Unsponsored ADRs. Vivendi does not sponsor an American Depositary Receipt (ADR) facility in respect of its shares. Any ADR facility currently in

existence is “unsponsored” and has no ties whatsoever to Vivendi. Vivendi disclaims any liability in respect of any such facility.

CONTACTS

Media

Paris

Jean-Louis Erneux

+33 (0)1 71 71 15 84

Solange Maulini

+33 (0) 1 71 71 11 73

Investor Relations

Paris

Xavier Le Roy

+33 (0)1 71 71 18 77

Julien Dellys

+33 (0) 1 71 71 13 30

Nathalie Pellet

+33 (0) 1 71 71 11 24

ANALYST CONFERENCE CALL

Speakers:

Arnaud de Puyfontaine

Chief Executive Officer

Hervé Philippe

Member of the Management Board and Chief Financial Officer

Date: February 15, 2018

6:00pm Paris time – 5:00pm London time – 12:00pm New York time

Media invited on a listen-only basis.

The conference will be held in English with a translation in French.

Internet: The conference can be followed on the Internet at: www.vivendi.com (audiocast)

Numbers to dial:

France +33 (0) 1 76 77 28 19

Royaume-Uni +44 (0) 330 336 94 11

Etats-Unis +1 323 794 21 49

English original version - Code 832 68 06

French translation - Code 299 90 17

On our website www.vivendi.com will be available an audio webcast and the slides of the presentation.

APPENDIX I

VIVENDI

STATEMENT OF EARNINGS (IFRS, audited)

Fourth quarter

Three months ended

December 31,

% Change 2017 2016

REVENUES 3,823 3,107 + 23.0% Cost of revenues (2,119) (2,112) Selling, general and administrative expenses excluding amortization of intangible assets acquired through business combinations (1,329) (872) Income from operations* 375 123 x 3.1 Restructuring charges (28) (32) Other operating charges and income (5) (31) Adjusted earnings before interest and income taxes (EBITA)* 342 60 x 5.8 Amortization and depreciation of intangible assets acquired through business combinations (32) (78) Reversal of reserves related to the Securities Class Action and Liberty Media litigations in the United States - - Income from equity affiliates 54 81 EARNINGS BEFORE INTEREST AND INCOME TAXES (EBIT) 364 63 x 5.8 Interest (15) (13) Income from investments 1 19 Other financial charges and income (53) (87) (67) (81) Earnings before provision for income taxes 297 (18) na Provision for income taxes 536 73 Earnings from continuing operations 833 55 x 15.1 Earnings from discontinued operations - 22 Earnings 833 77 x 10.9 Non-controlling interests (5) 4 EARNINGS ATTRIBUTABLE TO VIVENDI SA SHAREOWNERS 828 81 x 10.3 Earnings attributable to Vivendi SA shareowners per share - basic (in euros) 0.66 0.06 Earnings attributable to Vivendi SA shareowners per share - diluted (in euros) 0.63 0.05

Adjusted net income* 719 130 x 5.6 Adjusted net income per share - basic (in euros)* 0.57 0.10 Adjusted net income per share - diluted (in euros)* 0.53 0.10

In millions of euros, except per share amounts.

* non-GAAP measures.

na: not applicable.

Nota: Vivendi made changes in the presentation of its Consolidated Statement of Earnings as from January 1, 2017. Please refer to Appendix VI for a detailed description of these changes in presentation and the reconciliations to previously published financial data. Taking into account these reclassifications, EBIT for the fourth quarter of 2016 amounted to €63 million (compared to -€84 million as published in 2016) and EBIT for the year ended December 31, 2016 amounted to €887 million (compared to €1,194 million as published in 2016).

The non-GAAP measures of “Income from operations”, “adjusted earnings before interest and income taxes (EBITA)” and “adjusted net income”, should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financial performance. Vivendi considers these to be relevant indicators of the group’s operating and financial performance. Vivendi Management uses income from operations, EBITA and adjusted net income for reporting, management and planning purposes because they exclude most non-recurring and non-operating items from the measurement of the business segments’ performances.

For any additional information, please refer to the “Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2017“, which will be released online later on Vivendi’s website (www.vivendi.com).

APPENDIX I

(Cont’d)

VIVENDI

STATEMENT OF EARNINGS (IFRS, audited)

Year ended December 31

Year ended December 31, % Change

2017 2016 REVENUES 12,444 10,819 + 15.0% Cost of revenues (7,210) (6,829) Selling, general and administrative expenses excluding amortization of intangible assets acquired through business combinations (4,118) (3,137) Income from operations* 1,116 853 + 30.9% Restructuring charges (88) (94) Other operating charges and income (41) (35) Adjusted earnings before interest and income taxes (EBITA)* 987 724 + 36.4% Amortization and depreciation of intangible assets acquired through business combinations (124) (246) Reversal of reserves related to the Securities Class Action and Liberty Media litigations in the United States 27 240 Income from equity affiliates 146 169 EARNINGS BEFORE INTEREST AND INCOME TAXES (EBIT) 1,036 887 + 16.8% Interest (53) (40) Income from investments 29 47 Other financial charges and income (100) 438 (124) 445 Earnings before provision for income taxes 912 1,332 - 31.6% Provision for income taxes 349 (77) Earnings from continuing operations 1,261 1,255 + 0.4% Earnings from discontinued operations - 20 Earnings 1,261 1,275 - 1.1% Non-controlling interests (33) (19) EARNINGS ATTRIBUTABLE TO VIVENDI SA SHAREOWNERS 1,228 1,256 - 2.2% Earnings attributable to Vivendi SA shareowners per share - basic (in euros) 0.98 0.99 Earnings attributable to Vivendi SA shareowners per share - diluted (in euros) 0.95 0.95

Adjusted net income* 1,312 755 + 73.9% Adjusted net income per share - basic (in euros)* 1.05 0.59 Adjusted net income per share - diluted (in euros)* 1.01 0.54

In millions of euros, except per share amounts.

* Non-GAAP measures.

APPENDIX I

(Cont’d)

VIVENDI

STATEMENT OF EARNINGS (IFRS, audited)

Reconciliation of earnings attributable to Vivendi SA shareowners to adjusted net income

Three months ended

December 31, Year ended December 31,

(in millions of euros) 2017 2016 2017 2016 Earnings attributable to Vivendi SA shareowners (a) 829 81 1,228 1,256 Adjustments Amortization and depreciation of intangible assets acquired through business combinations 32 78 124 246 Amortization of intangible assets related to equity affiliates 14 (7) 59 45 Reversal of reserves related to the Securities Class Action and Liberty Media litigations in the United States (a) - - (27) (240) Other financial charges and income 52 87 100 (438) Earnings from discontinued operations (a) - (22) - (20) Provision for income taxes on adjustments (203) (86) (160) (85) Non-controlling interests on adjustments (5) (1) (12) (9) Adjusted net income 719 130 1,312 755

a. As reported in the Consolidated Statement of Earnings.

Adjusted Statement of Earnings

Three months ended

December 31, Year ended December 31,

(in millions of euros) 2017 2016 2017 2016 Revenues 3,823 3,107 12,444 10,819 Income from operations 375 123 1,116 853 EBITA 342 60 987 724 Income from equity affiliates 68 74 205 214 Interest (15) (13) (53) (40) Income from investments 1 19 29 47 Adjusted earnings from continuing operations before provision for income taxes 396 140 1,168 945 Provision for income taxes 333 (13) 189 (162) Adjusted net income before non-controlling interests 729 127 1,357 783 Non-controlling interests (10) 3 (45) (28) Adjusted net income 719 130 1,312 755

APPENDIX II

VIVENDI

REVENUES, INCOME FROM OPERATIONS AND EBITA BY BUSINESS SEGMENT

(IFRS, audited)

Fourth quarter

Three months ended December 31,

(in millions of euros) 2017 2016 % Change % Change at

constant currency

% Change at constant currency and perimeter (a)

Revenues Universal Music Group 1,688 1,644 +2.7% +8.2% +8.2% Canal+ Group 1,421 1,351 +5.1% +5.7% +5.7% Havas 626 - na na na Gameloft 65 69 -5.6% -2.3% -2.3% Vivendi Village 28 33 -14.4% -13.5% -5.4% New Initiatives 17 27 -38.2% -38.2% +1.2% Elimination of intersegment transactions (22) (17) na na na Total Vivendi 3,823 3,107 +23.0% +27.3% +6.8% Income from operations Universal Music Group 326 296 +10.6% +15.4% +15.4% Canal+ Group 7 (136) na na na Havas 91 - na na na Gameloft 7 6 +8.2% +82.0% +82.0% Vivendi Village 2 2 -22.7% -22.7% -32.0% New Initiatives (29) (19) -54.3% -54.3% -54.3% Corporate (29) (26) -10.5% -11.2% -11.2% Total Vivendi 375 123 x 3.1 x 3.3 x 2.5 EBITA Universal Music Group 319 291 +9.9% +14.6% +14.6% Canal+ Group (8) (187) na na na Havas 77 - na na na Gameloft 4 5 na +93.6% +93.6% Vivendi Village 1 - na na -25.0% New Initiatives (33) (21) -52.8% -52.8% -52.8% Corporate (18) (28) +35.0% +35.2% +35.2% Total Vivendi 342 60 x 5.8 x 6.2 x 4.8

na: not applicable.

a. Constant perimeter reflects the impacts of the sale of Radionomy (August 17, 2017), which was integrated into Vivendi Village, and the acquisition of Havas (July 3, 2017).

APPENDIX II

(Cont’d)

VIVENDI

REVENUES, INCOME FROM OPERATIONS AND EBITA BY BUSINESS SEGMENT

(IFRS, audited)

Year ended December 31

Year ended December 31,

(in millions of euros) 2017 2016 % Change % Change at

constant currency

% Change at constant currency and perimeter (a)

Revenues Universal Music Group 5,673 5,267 +7.7% +10.0% +10.0% Canal+ Group 5,246 5,253 -0.1% +0.3% +0.3% Havas 1,151 - na na na Gameloft 258 132 na na -0.1% Vivendi Village 109 111 -1.4% +1.4% +4.5% New Initiatives 51 103 -50.5% -50.5% -24.0% Elimination of intersegment transactions (44) (47) na na na Total Vivendi 12,444 10,819 +15.0% +16.8% +4.9% Income from operations Universal Music Group 798 687 +16.2% +18.5% +18.5% Canal+ Group 367 303 +21.0% +20.4% +20.2% Havas 135 - na na na Gameloft 10 10 na na +12.6% Vivendi Village (6) (7) +7.1% +22.9% +60.5% New Initiatives (87) (44) -97.3% -97.3% -97.3% Corporate (101) (96) -4.6% -4.3% -4.3% Total Vivendi 1,116 853 +30.9% +33.4% +17.0% EBITA Universal Music Group 761 644 +18.3% +20.6% +20.6% Canal+ Group 318 240 +32.1% +31.3% +31.1% Havas 111 - na na na Gameloft 4 7 na na +12.5% Vivendi Village (18) (9) -100.0% -87.9% x 3.3 New Initiatives (92) (56) -63.1% -63.1% -63.1% Corporate (97) (102) +4.8% +5.2% +5.2% Total Vivendi 987 724 +36.4% +39.1% +23.1%

na: not applicable.

a. Constant perimeter reflects the impacts of the sale of Radionomy (August 17, 2017), which was integrated into Vivendi Village, and the acquisition of Havas (July 3, 2017), Paddington (June 30, 2016), which has been integrated into Vivendi Village, Gameloft (June 29, 2016) and the acquisition of Thema America (April 7, 2016) by Canal+ Group.

APPENDIX III

VIVENDI

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS, audited)

(in millions of euros) December 31, 2017 December 31, 2016 ASSETS Goodwill 12,084 10,987 Non-current content assets 2,087 2,169 Other intangible assets 440 310 Property, plant and equipment 930 671 Investments in equity affiliates 4,540 4,416 Non-current financial assets 4,583 3,900 Deferred tax assets 619 752 Non-current assets 25,283 23,205 Inventories 177 123 Current tax receivables 406 536 Current content assets 1,160 1,054 Trade accounts receivable and other 5,218 2,273 Current financial assets 138 1,102 Cash and cash equivalents 1,951 4,072 Current assets 9,050 9,160 TOTAL ASSETS 34,333 32,365 EQUITY AND LIABILITIES Share capital 7,128 7,079 Additional paid-in capital 4,341 4,238 Treasury shares (670) (473) Retained earnings and other 6,857 8,539 Vivendi SA shareowners' equity 17,656 19,383 Non-controlling interests 222 229 Total equity 17,878 19,612 Non-current provisions 1,515 1,785 Long-term borrowings and other financial liabilities 4,263 2,977 Deferred tax liabilities 589 726 Other non-current liabilities 226 126 Non-current liabilities 6,593 5,614 Current provisions 412 356 Short-term borrowings and other financial liabilities 373 1,104 Trade accounts payable and other 9,001 5,614 Current tax payables 76 65 Current liabilities 9,862 7,139 Total liabilities 16,455 12,753 TOTAL EQUITY AND LIABILITIES 34,333 32,365

APPENDIX IV

VIVENDI

CONSOLIDATED STATEMENT OF CASH FLOWS (IFRS, audited)

Year ended December 31, (in millions of euros) 2017 2016 Operating activities

EBIT 1,036 887 Adjustments 253 104 Content investments, net (317) (55) Gross cash provided by operating activities before income tax paid 972 936 Other changes in net working capital 247 (7) Net cash provided by operating activities before income tax paid 1,219 929 Income tax (paid)/received, net 471 (271) Net cash provided by operating activities 1,690 658

Investing activities Capital expenditures (261) (235) Purchases of consolidated companies, after acquired cash (3,481) (553) Investments in equity affiliates (2) (772) Increase in financial assets (202) (2,759) Investments (3,946) (4,319) Proceeds from sales of property, plant, equipment and intangible assets 2 2 Proceeds from sales of consolidated companies, after divested cash (5) 3 Disposal of equity affiliates - 1 Decrease in financial assets 981 1,967 Divestitures 978 1,973 Dividends received from equity affiliates 6 8 Dividends received from unconsolidated companies 23 25 Net cash provided by/(used for) investing activities (2,939) (2,313)

Financing activities Net proceeds from issuance of common shares in connection with Vivendi SA's share-based compensation plans 152 81 Sales/(purchases) of Vivendi SA's treasury shares (203) (1,623) Distributions to Vivendi SA's shareowners (499) (2,588) Other transactions with shareowners (10) (3) Dividends paid by consolidated companies to their non-controlling interests (40) (34) Transactions with shareowners (600) (4,167) Setting up of long-term borrowings and increase in other long-term financial liabilities 855 2,101 Principal payment on long-term borrowings and decrease in other long-term financial liabilities (8) (16) Principal payment on short-term borrowings (1,024) (557) Other changes in short-term borrowings and other financial liabilities 64 260 Interest paid, net (53) (40) Other cash items related to financial activities (61) (77) Transactions on borrowings and other financial liabilities (227) 1,671 Net cash provided by/(used for) financing activities (827) (2,496)

Foreign currency translation adjustments of continuing operations (45) (2)

Change in cash and cash equivalents (2,121) (4,153)

Cash and cash equivalents

At beginning of the period 4,072 8,225

At end of the period 1,951 4,072

Nota: Vivendi made changes in the presentation of its Consolidated Statement of Earnings as from January 1, 2017. Please refer to Appendix VI for a detailed description of these changes in presentation and the reconciliations to previously published financial data.

APPENDIX V

VIVENDI

SELECTED KEY CONSOLIDATED FINANCIAL DATA FOR THE LAST FIVE YEARS (IFRS, audited)

Vivendi made changes in the presentation of its Consolidated Statement of Earnings as from January 1, 2017. Please refer to Appendix VI for a detailed description of these changes in presentation and the reconciliations to previously published financial data. In addition, Vivendi changed the definition of its Financial Net Debt (or Net Cash Position) during the fourth quarter of 2017. Please refer to Appendix VI for a reconciliation to previously published financial data. Vivendi deconsolidated GVT, SFR, Maroc Telecom group and Activision Blizzard as from May 28, 2015, November 27, 2014, May 14, 2014, and October 11, 2013, respectively, i.e., the date of their effective sale by Vivendi. In compliance with IFRS 5, these businesses have been reported as discontinued operations for the relevant periods as set out in the table of selected key consolidated financial data below in respect of data reflected in the Statement of Earnings and Statement of Cash Flows.

Year ended December 31, 2017 2016 2015 2014 2013 Consolidated data Revenues 12,444 10,819 10,762 10,089 10,252 Income from operations (a) 1,116 853 1,061 1,108 1,131 Adjusted earnings before interest and income taxes (EBITA) (a) 987 724 942 999 955 Earnings before interest and income taxes (EBIT) 1,036 887 521 545 578 Earnings attributable to Vivendi SA shareowners 1,228 1,256 1,932 4,744 1,967

of which earnings from continuing operations attributable to Vivendi SA shareowners 1,228 1,236 699 (290) 43 Adjusted net income (a) 1,312 755 697 626 454 Financial Net Debt / (Net Cash Position) (a) 2,340 (1,231) (7,172) (4,681) 11,094 Total equity 17,878 19,612 21,086 22,988 19,030

of which Vivendi SA shareowners' equity 17,656 19,383 20,854 22,606 17,457 Cash flow from operations (CFFO) (a) 989 729 892 843 894 Cash flow from operations after interest and income tax paid (CFAIT) (a) 1,346 341 (69) 421 503 Financial investments (3,685) (4,084) (3,927) (1,244) (107) Financial divestments 976 1,971 9,013 17,807 3,471 Dividends paid by Vivendi SA to its shareholders 499 2,588 (b) 2,727 (c) 1,348 (d) 1,325 Purchases/(sales) of Vivendi SA's treasury shares 203 1,623 492 32 - Per share data Weighted average number of shares outstanding 1,252.7 1,272.6 1,361.5 1,345.8 1,330.6 Earnings attributable to Vivendi SA shareowners per share - basic 0.98 0.99 1.42 3.52 1.48 Adjusted net income per share 1.05 0.59 0.51 0.46 0.34 Number of shares outstanding at the end of the period (excluding treasury shares) 1,256.7 1,259.5 1,342.3 1,351.6 1,339.6 Equity per share, attributable to Vivendi SA shareowners 14.05 15.39 15.54 16.73 13.03 Dividends per share paid 0.40 2.00 (b) 2.00 (c) 1.00 (d) 1.00

In millions of euros, number of shares in millions, data per share in euros. a. The non-GAAP measures of Income from operations, EBITA, Adjusted net income, Financial Net Debt (or Net Cash Position), Cash flow

from operations (CFFO) and Cash flow from operations after interest and income tax paid (CFAIT) should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financial performance as presented in the Consolidated Financial Statements and the related Notes, or as described in this Financial Report. Vivendi considers these to be relevant indicators of the group’s operating and financial performance. Each of these indicators is defined in the appropriate section of this Financial Report. In addition, it should be noted that other companies may have definitions and calculations for these indicators that differ from those used by Vivendi, thereby affecting comparability.

b. On April 21, 2016, Vivendi’s General Shareholders’ Meeting approved the payment of an ordinary dividend of €3 per share with respect to fiscal year 2015, i.e., an aggregate dividend payment of €3,951 million. This amount included €2,588 million paid in 2016: of which, €1,318 million for the second interim dividend of €1 per share, paid on February 3, 2016, and €1,270 million representing the balance of €1 per share, paid on April 28, 2016.

c. In 2015, Vivendi paid a dividend with respect to fiscal year 2014 (€1 per share, i.e., €1,363 million) and a first interim dividend with respect to fiscal year 2015 (€1 per share, i.e., €1,364 million).

d. On June 30, 2014, Vivendi SA paid an ordinary dividend of €1 per share to its shareholders from additional paid-in capital, treated as a return of capital distribution to shareholders.

APPENDIX VI

VIVENDI

ADJUSTMENT OF COMPARATIVE INFORMATION (IFRS, audited)

Changes in presentation of the Consolidated Statement of Earnings

To ensure the consistency of the presentation of Vivendi’s Consolidated Statement of Earnings with the one prepared by Bolloré Group, which decided to fully consolidate Vivendi into its Consolidated Financial Statements as from April 26, 2017, Vivendi made the following changes in presentation of its Consolidated Statement of Earnings as from January 1, 2017:

• income from equity affiliates is reclassified to “Earnings Before Interest and Income Taxes” (EBIT), given that the companies over which Vivendi exercises a significant influence engage in operations that are similar in nature to the group’s operations. For the year ended December 31, 2016, this reclassification applies to a net income of €169 million (€81 million for the fourth quarter of 2016); and

• the impacts related to financial investment operations, which were previously reported in “other operating charges and income” in EBIT, are reclassified to “other financial charges and income”. They include capital gains or losses on the divestiture or depreciation of equity affiliates and other financial investments. For the year ended December 31, 2016, the reclassification applies to a net income of €476 million (a net charge of €66 million for the fourth quarter of 2016).

Moreover, the impacts of transactions with shareowners (except when directly recognized in equity), in particular the €240 million reversal of reserve recorded in 2016 relating to the Liberty Media litigation in the United States, continue to be recorded in EBIT.

In accordance with IAS 1, Vivendi has applied these changes in presentation to all periods previously published: 2016

(in millions of euros) Three months

ended December 31, Year ended

December 31, Earnings before interest and income taxes (EBIT) (as previously published) (84) 1,194 Reclassification

+ Income from equity affiliates + 81 + 169 - Other income - 4 - 661 - Other charges + 70 + 185

Earnings before interest and income taxes (EBIT) (new definition) 63 887

Year ended December 31,

(in millions of euros) 2015 2014 2013 Earnings before interest and income taxes (EBIT) (as previously published) 1,231 736 637 Reclassification

+ Income from equity affiliates - 10 - 18 - 21 - Other income - 745 - 203 - 88 - Other charges + 45 + 30 + 50

Earnings before interest and income taxes (EBIT) (new definition) 521 545 578

APPENDIX VI

(Cont’d)

VIVENDI

ADJUSTMENT OF COMPARATIVE INFORMATION (IFRS, audited)

Changes in definition of Financial Net Debt / (Net Cash Position)

To ensure the consistency of the definition of the Financial Net Debt with Bolloré Group, which has fully consolidated Vivendi in its Consolidated Financial Statements as from April 26, 2017, Vivendi changed the definition of its Financial Net Debt (or Net Cash Position) during the fourth quarter of 2017: the derivative financial instruments (assets or liabilities) that are not borrowings hedging instruments, as well as commitments to purchase non-controlling interests, are now excluded from the Financial Net Debt (or Net Cash Position).

In accordance with IAS 1, Vivendi has applied these changes to all periods previously published:

As of December 31, (in millions of euros) 2016 2015 2014 2013 Financial Net Debt / (Net Cash Position) As previously published (1,068) (6,422) (4,637) 11,097

Other financial assets and liabilities: Derivative financial instruments in assets +62 +66 +64 +38 Derivative financial instruments in liabilities -140 -523 -21 -19 Commitments to purchase non-controlling interests -85 -293 -87 -22

New definition (1,231) (7,172) (4,681) 11,094